Papua New Guinea’s Central Bank Pilots Blockchain Technology

Papua New Guinea’s (PNG) central bank, Bank of PNG, has launched a project to test the feasibility of Blockchain technology in its operations. With the trial, the Pacific island nation has joined several countries which are experimenting with the technology.

To showcase the PNG government’s commitment to Blockchain, central bank Governor Loi Bakani recently hosted a conference that was participated in by a number of local and foreign companies, including Paycase, Pacific Markets, Abt Associates, UCash, and Seso.

At the event, the central bank governor presented the PNG Digital and Cryptocurrency Association to the increasing number of technology (tech) entrepreneurs and businesses in PNG who are interested in Blockchain. He also explained the Blockchain pilot being run by the Bank of PNG.

Abt Associates’ Jane Thomason, meanwhile, told conference participants that Blockchain-based technologies are effective tools for developing countries to leapfrog traditional technological advancements seen around the world.

“In 30 years working in PNG, I have never had so much optimism that we are working with something that really will change the lives of poor Papua New Guineans.”

In his presentation, PNG’s information technology (IT) Minister Francis Maneke claimed that the country could leapfrog many developed economies with its adoption of Blockchain technology that will create a major competitive advantage.

A number of major banks around the world are also experimenting with the technology.

Among them are Deutsche Bank, Bank of England, the National Bank of Cambodia, the Central Bank of India, Bank of America, Credit Suisse, Bank of Canada, and HSBC.

In her comment on the growing adoption of Blockchain, Bank of PNG’s Assistant Governor Elizabeth Genia said that new innovations are the key to changing people’s lives for the better.

“It is the new innovations that can change people’s lives — almost 85 percent of our people live outside the banking system.”